Because the price of gold has been steadily rising for 20 years, it remains the ultimate safe haven. When you own some, selling gold is one of the fastest and most reliable ways to meet a cash need.
Along with the proliferation of gold counters in cities, gold buyers are also proliferating online. Is it legal to sell your gold online, and is it safe to do so? Who are the different players in online gold sales, and how can you identify the most reliable ones? We help you unravel the complexities of buying gold online.
Is it possible to sell your gold online?
Selling gold online is possible and legal. It is, of course, based on a preliminary appraisal. Gemme Jewelry offers an online appraisal service for 18-karat gold and platinum jewelry. This is a preliminary appraisal, which can be requested using an online form.
With your appraisal, our experts will send you an initial buyback offer and arrange the secure shipping of your gold jewelry.
Upon receipt, the appraisal can be confirmed, along with a firm offer. The invoice and sales contract are sent by email, for a gold sale concluded 100% online.
However, depending on the players you turn to, online sales do not concern just any gold. Gemme Jewelry store, specialized in gold buyback in Lyon, do not offer this service for broken jewelry, gold scrap, gold coins, or gold bars. For this, you will need to visit one of our jewelry stores for an appraisal at the best price.
The Main Types of Online Buyers
Contrary to popular belief, selling gold is not difficult. From a legal standpoint, only proof of identity is required for the transaction. Several companies offer gold purchases, both in-store (gold counters, auction houses, and jewelry stores), and online. On the internet, while the price of gold is doing well, ads offering to sell your gold at the best price are flourishing.
They can come from:
• Goldsmiths and jewelry stores specializing in gold purchases and diamond purchases for jewelry
• Intermediaries between individuals
• Individual investors
• Collectors
• Bank branches for the purchase of coins
• Companies specializing in the purchase and sale of diamonds gold
• From foreign companies, particularly Belgian or Swiss
The advantages and disadvantages of selling gold by mail order
The advantages of online sales lie in:
• The convenience of the transaction, which requires no travel and can be done from your home or office
• The confidentiality of the transaction
• The speed, flexibility, and reliability of payment
• Competitive buyback prices
• The lack of cash payment options, which is strictly prohibited!
However, it is sometimes difficult to know who you are dealing with when selling online. The risks can be related to payment, or even outright fraud. There are also other inconveniences, such as a piece of jewelry that comes back in poor condition after an appraisal or, of course, an underestimation of the value of the jewelry.
Points to watch out for
A few tips can help you sell online securely. It is indeed possible to identify reliable buyers in several ways:
• The buyer's reputation
A bank branch known for buying gold coins, or a jewelry store that also has a physical location for buying jewelry, for example.
• Their legal information
If you sell online, check that the site includes the required legal information (identity, registration number, VAT identification number, identity of the site host), and that clear and valid contact information is available.
• Customer reviews
Testimonials from Internet users who have conducted transactions with the agency, via reliable review collection services such as Trust Pilote, Avis Vérifiés, or Avis Garantis.
• Requested documents
The trusted merchant must ask you for identification. For the valuation of a gold jewelry, you will also be asked for photos, certificates, and purchase invoices.
• Transparency
Prices must be clearly displayed on the gold buyer's website. All purchase offers must be precisely detailed, including payment deadlines and mentioning the seller's right of withdrawal.
Beware of Inciting Prices
When a gold buyer attempts to attract a seller by advertising the price of fine gold, this indicates a lack of seriousness. Foreign companies, particularly those based in Switzerland or Belgium, may offer attractive gold buyback rates because they are not subject to French tax laws. However, be careful: as a gold seller, depending on the purpose of the transaction (especially bullion), you are still subject to the tax laws of your country of residence.
Distinguishing Between Jewelry Sales and Gold Sales
If the gold you wish to sell is in the form of 18-karat jewelry, it is in your best interest to have it appraised and purchased by a company with expertise in jewelry. Indeed, it could be worth more than its weight in gold alone, due to its jewelry quality, rarity, or maker's mark.
Legal Frameworks and Taxation
To protect individuals, the sale of gold is better regulated today than it has been for a long time. Buyers of gold, jewelry, and other pieces of jewelry are subject to legal obligations (registration in the trade register, declaration to the customs administration, obligation to keep a police book, etc.).
The transactions themselves are regulated, including:
• The obligation of price transparency
• The use of a regulatory scale
• The collection of the tax on the sale of precious metals
Experts in second-hand jewelry, Les Bijouteries Gemme are the preferred partners for the online sale of gold-marked jewelry 18-carat gold. We perform detailed, free and immediate appraisals. Our purchase proposal is explained to you in detail, and our appraisal criteria are perfectly clear. The transaction is carried out under the utmost conditions of security and confidentiality.
To learn more about the price of gold per gram, read our article.